- February 10, 2021
- by Admin
The affiliation of payday loan providers with nationwide banking institutions could be the industry’s choice of preference, but federal bank regulators are actively discouraging the training.
The affiliation of payday loan providers with nationwide banking institutions could be the industry’s choice of preference, but federal bank regulators are actively discouraging the training. Banks had been especially warned about participating in payday lending through third events in a Nov. 27, 2000, advisory page from Julie L. Williams, very first senior deputy comptroller and main counsel associated with U.S. Treasury Department’s workplace regarding the Comptroller of Currency. “Although the OCC encourages banking institutions to react to clients’ short-term credit requirements, payday financing can pose a number of security and soundness, conformity, customer security, along with other dangers to...
